Advanta India scouting for acquisitions

BANGALORE: Bangalore-based agronomic seed firm Advanta India Limited would pursue selective acquisitions to strengthen its technical expertise and product offerings, company officials said here today.

"We are looking at acquisitions," Advanta Indian Ltd, the subsidiary of United Phosphorous Limited, Chief Operating Officer H Sateesh Hegde told reporters here.

Company officials said Advanta is looking at opportunities to acquire companies and assets that could broaden its product offerings and sales and distribution networks, establish new or strengthen existing customer relationships or enable it to acquire new technical expertise.

The company said it would continue to seek to acquire, invest in or form joint ventures or strategic alliances with companies that provide proprietary and innovative products or other advantages to its business.

Advanta, which has principal operations in India, Australia, Thailand and Argentina, said it plans to pursue growth in sales of hybrid rice in Uttar Pradesh, Jharkhand, Madhya Pradesh and Chhattisgarh through aggressive field and sales promotion activities and production of specific products for the 'Boro' (post-winter) season in the eastern and northeastern markets.

"The proposed commercialisation of hybrid mustard businesses is also expected to contribute to growth," a company official said. "Advanta India also plans to develop a hybrid wheat programme."

The company's initial public offering opens on March 26. The price band has been fixed between Rs 600 and Rs 650 per equity share.